MN SF327

Modifies the statutory short form power of attorney to require principals and attorneys-in-fact to acknowledge and understand specific notices before the document takes effect.

Replaces the fixed $10,000 annual gift limit with the current applicable federal annual gift exclusion amount, with gifts to attorneys-in-fact or their dependents requiring principal's written authorization and initials.

Changes subdivision 14 to clarify that "all other financial matters" refers specifically to financial affairs rather than all property matters.

Authorizes courts to issue protective orders requiring attorneys-in-fact to provide accountings on court-directed schedules and permits principals or designated recipients to recover attorney fees if accountings are not rendered upon request.

Effective August 1, 2013, with application to powers of attorney executed on or after January 1, 2014 (except judicial relief provisions which apply to all powers of attorney).